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Agricultural Income

Income Earned from Sale of Tissue-Cultured Plants is Agricultural Income, Exempted from Income Tax: Telangana HC [Read Order]

In a recent ruling, the Telangana High Court held that income earned from the sale of tissue-cultured plants constitutes agricultural income and is...

Mere Ownership of Agricultural Land Insufficient to Prove Agri Income: ITAT Upholds 50% Addition as...

ITAT Deletes Addition of Rs. 5,30,252, Holds Agricultural Income cannot be Determined on Assumptions...

Challenge on nature of income from Growing Mushrooms in trays by utilizing the artificial climate:...

Disallowance of Agricultural Income in Revisionary Proceedings: ITAT Deletes Addition, Confirms...

India’s Super-Rich Pay Less than 1% of their Wealth in Taxes, Study Reveals

A new study shows that the richest people in India pay very little income tax compared to much wealth they own. The study was done by Ram Singh, a professor at the Delhi School of Economics and a...

ITAT aside addition of Rs. 26,18,834 & accepts assessee’s Joint Agricultural Income Claim [Read Order]

The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) has set aside an addition of Rs. 26,18,834 made by the assessing officer (AO) noting that agricultural income was jointly earned by...

Taxpayer Responsible to Prove Land's Agricultural Status to Claim Capital Gains Tax Exemption: Kerala HC [Read Order]

In a recent decision, the Kerala High Court ruled that the taxpayer has the burden of proof to establish the agricultural nature of land when claiming exemption from capital gains tax. The case...

Taxation of Agricultural Income under Charitable Trusts under the Income Tax Act, 1961

In our country, still a large percentage of the population, especially in the rural areas, is dependent on agriculture for their income. Interestingly, agricultural income earned by charitable trusts...

ITAT Partly allows Agricultural Income Claim, upholds Disallowance of Portion due to Lack of Evidence [Read Order]

The Surat Bench of Income Tax Appellate Tribunal ( ITAT ) partially allowed the claim of Rs. 5,00,000/- of the agricultural income, while upholding the disallowance of Rs. 3,10,470/- due to the lack...

Income from Sale of White Button Mushroom Cultivated Indoors is still “Agricultural Income”, not “Business Income”: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ) in Mumbai recently ruled that income from the sale of white button mushrooms cultivated indoors should be classified as "agricultural income" under Section...

Will Executed on Plain Paper Admissible as Income Proof: ITAT [Read Order]

The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) recently opined that a Will executed even on a plain paper is admissible while adjudging an Appeal regarding an Assessee’s disputed...